Global Gender Summit 2019: “Put prejudice behind us and give women access to finance” says Akinwumi Adesina

Kigali, Rwanda, 25 November 2019 – African Development Bank President Akinwumi Adesina has called for greater access to finance for African women when he addressed the inaugural session of the Global Gender Summit.

“When women borrow, they always repay. And 90% of them repay their loans without the least problem. So, where is the risk? The problem is prejudice and the banks’ lack of flexibility. We must leave this behind to allow women access to financing,” President Adesina urged.

The session headed “Unlocking women’s access to finance in Africa” had a panel of high-level speakers, including Salimata Diop Dieng, the Senegalese Minister of Women, Family and Gender; Andrew Temu, President of the African Guarantee Fund; Kennedy Uzoka, President and CEO of United Bank of Africa (UBA); Joséphine Anan-Ankomah, CEO of Ecobank Group; and Christine Ngiriye, an entrepreneur.

Salimata Diop Deng said, “It is important that financial institutions support initiatives from women. They have the market gardens and produce to process. They create start-ups in innovative areas. But they lack resources and collateral, and the procedures for accessing loans are complicated. These women have relatively moderate finance needs, just enough to create projects and jobs. They need support from the private sector and the banks to help them weave their way into the economy.”

Andrew Temu advocated “holding discussions with countries to improve the business environment. What is especially needed is legislation that reassures the banks. There are a number of actors, banks, investors, entrepreneurs and clients operating within the economic market. Everyone needs to be in communication to address the risks.”

For Anan-Ankomah, ECOBANK is already making big strides to gender parity. The pan-African bank has signed up to the African Union gender parity principle of 50/50. “Currently we are at 46% and out of that, 30% of those women are in senior management positions,” she said.

Ngiriye said that she had seen little change in nearly 30 years: “The problem that comes up again and again is that of collateral.”

According to Adesina the financial sector had a responsibility to the women of Africa. And he made an announcement: “From now on, we shall be grading every African financial institution for how well it helps women. Every financial ecosystem must evolve to support women. And we are going to put pressure on the guarantee banks.”

The African Development Bank and the government of Rwanda are hosting the Global Gender Summit from 25 to 27 November in Kigali. The Summit is being organised by the Multilateral Development Banks’ (MDBs) Working Group on gender for the first time in Africa.

Content provided by African Development Bank

Related Content

COMMENT: What will be the new Africa post COVID-19?

There are more than 600 Tech Innovation hubs across Africa. Africa’s digital revolution will emerge from them, especially in the sectors of e-commerce, distance learning for schools and universities to train better educated populations, and big opportunities in renewables and energy infrastructure to start plugging the continent’s electricity deficit.

COMMENT: A New Deal on Energy for Africa

The strategy was grounded in the recognition that partnerships are central to its success. In collaboration with African countries, the Bank’s interventions have ranged from setting up the right enabling policy environment, supporting utilities, to increasing the number of bankable energy projects.

S&P gives AfDB AAA Rating.

“The stable outlook reflects our expectation that, over the next two years, AfDB will prudently manage its capital while maintaining solid levels of high-quality liquidity assets and robust funding,” S&P Global said in a statement.

AfDB boosts Nigeria’s COVID-19 fight with $288.5mn

As Nigeria continues the grapple with the COVID-19 shock, Africa’s largest economy has received a new boost of $288.5 million from the African Development Bank to help reduce the impact of the pandemic on people and businesses. This comes as the bank recently concluded its country strategy paper for Nigeria for the next 4 years. Ebrima Faal, Senior Director of the Nigeria Country Department, of the African Development Bank joins CNBC Africa’s Kenneth Igbomor to share more details on the bank’s plan and strategy for Nigeria.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

African born Billionaire Elon Musk’s net worth zooms past Warren Buffett’s

The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months.

U.S. sets record for new COVID cases third day in a row at over 69,000

“If we don’t adopt this best practice it could lead to a shutdown of business,” the Republican governor told local KLBK-TV in Lubbock, adding it was the last thing he wanted.

South Africa set to make SAA funding commitment, official says

JOHANNESBURG (Reuters) - The South African government is “on course” to provide a funding commitment for the restructuring of loss-making South African...

Akinwumi Adesina pays tribute to Prime Minister Amadou Gon Coulibaly

A humble man. A selfless man. A faithful man. A shining light. We met and spoke together on several forums around the world: on the plane, at airports, in high level forums and summits. My impression of him was the same: calm; wise; insightful. A man of few words, whose every word was always well honed for impact. He spoke always from his heart. An he had a heart of gold.

Partner Content

Maktech’s Godwin Makyao: Now Is A Time of Entrepreneurial Opportunity in East Africa

As an executive decision-maker in both the telecommunications and tourism industries, Godwin Makyao could not have experienced a more diverse set of...

Sanlam launches urgent job-preservation initiative in response to COVID-19

Sanlam Investments is responding to the COVID-19 pandemic through large-scale support of the recovery of South African companies, from small enterprises to...

Trending Now

Congo justice minister resigns after judicial reform dispute

KINSHASA (Reuters) - The Democratic Republic of Congo’s Justice Minister Celestin Tunda tendered his resignation on Saturday in the wake of a...

Veteran Zimbabwe farmer pours cold water on $58 million mission from Belarus with love.

“Belarus tractors have never been known for their quality or power. They were never bought by Zimbabwe farmers in the past. Training up 1000 Zimbabwe farmers isn’t the answer.

Congo central bank keeps 2020 economic growth forecast at -2.4%

(Reuters) - The Democratic Republic of Congo’s central bank kept its 2020 economic growth forecast unchanged at -2.4% because of the uncertainty...

South Africa’s rand recovers but caution remains, stocks slip

JOHANNESBURG (Reuters) - South Africa’s rand recovered in afternoon trade on Friday, after sliding earlier due to concerns about rising COVID-19 cases...
- Advertisement -